Stock Optimism Evaporates With Apple Hiring Plans: Markets Wrap
- Tech-heavy Nasdaq 100 leads drop as Apple falls more than 2%
- Goldman Sachs revenue gains race past analysts’ estimates
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US stocks turned sharply lower after Apple Inc.’s plans to slow hiring added to investor worries that the Federal Reserve’s campaign against inflation will drop the economy into a recession.
The S&P 500 extended losses in the last hour of trading, after coughing up a gain that had surpassed 1%. Tech and health-care shares led the drop, with Apple sliding more than 2% in its worst day in almost three weeks. The iPhone maker plans to slow hiring and spending growth next year in some divisions to cope with a potential economic downturn, people with knowledge of the matter said. The news follows a similar move by Alphabet Inc. last week.